Why do managers voluntarily issue cash flow forecasts?

Journal of Accounting Research

Volumn 44, Issue 2, 2006, Pages 389-429

  Wasley, Charles E ^a   Wu, Joanna Shuang ^a  

^a UNIVERSITY OF ROCHESTER   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 33745303300     PISSN: 00218456     EISSN: 1475679X     Source Type: Journal    
DOI: 10.1111/j.1475-679X.2006.00206.x     Document Type: Article

References (39)

1. ABOODY, D., AND R. KASZNIK. "CEO Stock Option Awards and the Timing of Corporate Voluntary Disclosures. "Journal of Accounting and Economics 29 (2000): 73-100.
2. AJINKYA, B., AND M. GIFT. "Corporate Managers' Earnings Forecasts and Symmetrical Adjustments of Market Expectations." Journal of Accounting Research 22 (1984): 425-44.
3. ALTMAN, E. I. "Financial Ratios, Discriminant Analysis, and the Prediction of Corporate Bankruptcy. "Journal of Finance 23 (1968): 589-609.
4. ANILOWSKI, G.; M. FENG; AND D. J. SKINNER. "Is Guidance a Macro Factor? The Nature and Information Content of Aggregate Earnings Guidance." Working paper, University of Michigan, 2005.
5. BAGINSKI, S. P.; J. M. HASSELL; AND M. D. KIMBROUGH. "Why Do Managers Explain Their Earnings Forecast? "Journal of Accounting Research 42 (2004): 1-30.
6. BAILEY, W.; H. LI; C. X. MAO; AND R. ZHONG. "Regulation Fair Disclosure and Earnings Information: Market, Analyst, and Corporate Responses. "Journal of Finance 58 (2003): 2487-514.
7. CHEN, S.; M. L. DEFOND; AND C. W. PARK. "Voluntary Disclosure of Balance Sheet Information in Quarterly Earnings Announcements." Journal of Accounting & Economics 33 (2002): 229-51.
8. DECHOW, P. M. "Accounting Earnings and Cash Flows as Measures of Firm Performance: The Role of Accounting Accruals. "Journal of Accounting & Economics 18 (1994): 3-42.
9. DECHOW, P. M.; S. P. KOTHARI; AND R. L. WATTS. "The Relation Between Earnings and Cash Flows." Journal of Accounting and Economics 25 (1998): 133-68.
10. DECHOW, P.; R. SLOAN; AND A. SWEENEY. "Detecting Earnings Management." The Accounting Review 70 (1995): 193-225.
11. DEFOND, M., AND M. HUNG. "An Empirical Analysis of Analysts' Cash Flow Forecasts. "Journal of Accounting and Economics 85 (2003): 73-100.
12. DYE, R. "Disclosure of Nonproprietary Information." Journal of Accounting Research 23 (1985): 123-45.
13. FAMA, E., AND K. FRENCH. "Industry Costs of Equity. Journal of Financial Economics 43 (1997): 153-93.
14. FRANCIS, J.; D. PHILBKICK; AND K. SCHIPPER. "Shareholder Litigation and Corporate Disclosures. "Journal, of Accounting Research 32 (1994): 137-64.
15. FRANKFL, R.; M. MCNICHOLS; AND G. P. WILSON. "Discretionary Disclosure and External Financing." The Accounting Review 70 (1995): 135-50.
16. GENERAL ACCOUNTING OFFICE (GAO). "Financial Statement Restatements: Trends, Market Impacts, Regulatory Responses, and Remaining Challenges." GAO-03-138. Washington, DC: GAO, 2002.
17. GRAHAM, J. R.; C. R. HARVEY; AND S. RAJGOPAL. "The Economic Implications of Corporate Financial Reporting."Working paper, Duke University, NBER, and University of Washington, 2005.
18. HAYN, C. "The Information Content of Losses." Journal of Accounting and Economics 20 (1995) 125-53.
19. HEALY, P. M.; A. P. HUTTON; AND K. G. PALEPU. "Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure." Contemporary Accounting Research 16 (1999): 485-520.
20. HEALY, P., AND K. PALEPU. "Information Asymmetry, Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature." Journal of Accounting and Economics 31 (2001): 405-40.
21. HEFLIN, F.; K. R. SUBRAMANYAM; AND Y. ZHANG. "Regulation FD and the Financial Information Environment: Early Evidence." The Accounting Review 78 (2003): 1-37.
22. HENRY, D. "Fuzzy Numbers." Business Week (October 4, 2004): 79-88.
23. HUTTON, A.; G. MILLER; AND D. SKINNER. "The Role of Supplementary Statements With Management Earnings Forecasts. "Journal of Accounting Research 41 (2003): 867-90.
24. JONES, J. "Earnings Management During Import Relief Investigations." Journal of Accounting Researched (1991): 193-228.
25. KASZNIK, R., AND B. LEV. "To Warn or Not. to Warn: Management Disclosures in the Face of an Earnings Surprise." The Accounting Review 70 (1995): 113-34.
26. KING, R.; G. POWNALL; AND G. WAYMIRE. "Expectations Adjustment Via Timely Management Forecasts: Review, Synthesis, and Suggestions for Future Research. "Journal of Accounting Literature 9 (1990): 113-44.
27. KOTHARI, S. P.; A. LEONE; AND C. WASLEY. "Performance Matched Discretional Accrual Measures." Journal of Accounting and Economics 39 (2005): 163-97.
28. LANG, M., AND R. LUNDHOLM. "Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosure. "Journal of Accounting Research 81 (1993): 246-71.
29. LANG, M., AND R. LUNDHOLM. "Voluntary Disclosure During Equity Offerings: Reducing Information Asymmetry or Hyping the Stock?" Contemporary Accounting Research 17 (2000): 623-63.
30. LEV, B., AND S. PENMAN. "Voluntary Forecast Disclosure, Nondisclosure, and Stock Prices." Journal of Accounting Research 28 (1990): 49-76.
31. MILLER, G. S. "Earnings Performance and Discretionary Disclosure. "Journal of Accounting Research 40 (2002): 173-204.
32. PALMROSE, Z.; V.J. RICHARDSON; AND S. SCHULZ. "Determinants of Market. Reactions to Restatement Announcements." Journal of Accounting and Economics 37 (2004): 59-89.
33. PENMAN, S. "An Empirical Investigation of the Voluntary Disclosure of Corporate Earnings Forecasts." Journal of Accounting Research 18 (1980): 132-60.
34. POWNALL, G.; C. WASLEY; AND G. WAYMIRE. 'The Stock Price Effects of Alternative Types of Management Earnings Forecasts." The Accounting Review 68 (1993): 896-912.
35. SKINNER, D. "Why Firms Voluntarily Disclose Bad News." Journal of Accounting Research 32 (1994): 38-60.
36. TRUEMAN, B. "Why Do Managers Voluntarily Release Earnings Forecasts. "Journal of Accounting & Economics 8 (1986): 58-72.
37. VERRECCHIA, R. "Discretionary Disclosure. "Journal of Accounting & Economics 5 (1983): 365-80.
38. VERRECCHIA, R. "Essays on Disclosure." Journal of Accounting & Economics 32 (2001): 97-180.
39. WAYMIRE, G. "Additional Evidence on the Information Content of Management Earnings Forecasts." Journal of Accounting Research (1984): 703-18.